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1 Business Profits Tax; Credit; Research and Development; Rebate. Amend the introductory paragraph of RSA 77-A:5, XIII(a)(2) to read as follows:
(2) Each credit shall be used to offset the taxpayer's tax liability within the subsequent 5 tax years, or rebated as provided in subparagraph (d). The amount of the credit shall be the lesser of:
2 New Subparagraph; Research and Development Credit; Rebate. Amend RSA 77-A:5, XIII by inserting after subparagraph (c) the following new subparagraph:
(d) When applying for the tax credit, a taxpayer may elect on the form provided by the department to not offset tax liability but instead receive a rebate equal to 75 percent of the final amount of the credit awarded by the commissioner. Any such discount in the credit shall not result in additional research and development credits under this paragraph for a fiscal year. Rebates shall be paid by the commissioner by September 30 of each year. Taxpayers may not take a partial rebate, but shall elect to take either the full rebate option or the tax credit. If a taxpayer elects to take a rebate, the rebate shall be made in the current tax year and not carried forward.
3 New Paragraph; Commissioner of Revenue Administration; Information. Amend RSA 21-J:3 by inserting after paragraph XXXIII the following new paragraph:
XXXIV. Have the authority to share information and statistics on the utilization of the research and development tax credit and optional rebate under RSA 77-A:5, XIII.
4 Appropriation. The sum of $1,000,000 for the fiscal year ending June 30, 2018 and $1,000,000 for the fiscal year ending June 30, 2019 are hereby appropriated to the commissioner of the department of revenue administration for the purposes of this act. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
5 Effective Date. This act shall take effect July 1, 2017 and shall apply to taxable periods ending after June 30, 2017.
Text to be added highlighted in green.
1 Business Profits Tax; Credit; Research and Development; Rebate. Amend the introductory paragraph of RSA 77-A:5, XIII(a)(2) to read as follows:
(2) Each credit shall be used to offset the taxpayer's tax liability within the subsequent 5 tax years, or rebated as provided in subparagraph (d). The amount of the credit shall be the lesser of:
2 New Subparagraph; Research and Development Credit; Rebate. Amend RSA 77-A:5, XIII by inserting after subparagraph (c) the following new subparagraph:
(d) When applying for the tax credit, a taxpayer may elect on the form provided by the department to not offset tax liability but instead receive a rebate equal to 75 percent of the final amount of the credit awarded by the commissioner. Any such discount in the credit shall not result in additional research and development credits under this paragraph for a fiscal year. Rebates shall be paid by the commissioner by September 30 of each year. Taxpayers may not take a partial rebate, but shall elect to take either the full rebate option or the tax credit. If a taxpayer elects to take a rebate, the rebate shall be made in the current tax year and not carried forward.
3 New Paragraph; Commissioner of Revenue Administration; Information. Amend RSA 21-J:3 by inserting after paragraph XXXIII the following new paragraph:
XXXIV. Have the authority to share information and statistics on the utilization of the research and development tax credit and optional rebate under RSA 77-A:5, XIII.
4 Appropriation. The sum of $1,000,000 for the fiscal year ending June 30, 2018 and $1,000,000 for the fiscal year ending June 30, 2019 are hereby appropriated to the commissioner of the department of revenue administration for the purposes of this act. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
5 Effective Date. This act shall take effect July 1, 2017 and shall apply to taxable periods ending after June 30, 2017.